Commodity Blog

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Oil Rises as US Stockpiles Shrink & Europe Economy Expands

August 15, 2013 at 2:32 by Vladimir Vyun

Crude oil rallied today as US stockpiles shrank. Inventories declined by 2.8 million barrels to 360.5 million barrels last week. The drop was two times the analysts’ estimate.

Positive data from Europe weakened the dollar, adding to the strength of the commodity. The eurozone economy expanded 0.3 percent last quarter after falling at the same rate in the previous three months. French economy grew 0.5 percent and Germany’s one advanced 0.7 percent. All the data exceeded forecasts.

September futures for delivery of WTI crude oil rallied $0.29 (0.27 percent) to $107.14 per barrel as of 2:28 GMT on NYMEX today. Contract for delivery of Brent crude added $0.33 (0.3 percent) to $110.53 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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